Disclosures Show Shopify CEO Bought $3M worth of Coinbase Stock in Past 2 Months

Public records show that Shopify CEO Tobias Lütke bought nearly $3 million worth of Coinbase stock in the past 60 days. Lütke became a Coinbase board member last February and because he is a Coinbase associate, he is required by law to submit his transactions to the United States Securities and Exchange Commission (SEC).

Since August 11, Shopify’s Tobias Lütke has purchased a significant amount of COIN stock

Coinbase Global Inc. (Nasdaq: PIECE OF MONEY) stocks have seen better days, as statistics show over the past 12 months, COIN has lost 73.47% or a nominal loss of US$184 in value. On Monday, October 3, 2022, COIN gained 2.11% in the last 24 hours and 0.93% in the last five days.

Today, the current market value of COIN hovers around 66.61 nominal US dollars per share. Public records indicate that over the past two months, the CEO of Shopify Tobias Lütke picked up just under $3 million worth of COIN stock.

Disclosures show Shopify CEO bought $3M worth of Coinbase stock in past 2 months
Cumulative COIN stats as of October 3, 2022 at 2:30 p.m. (ET).

Lütke acquired 3,930 shares of COIN on August 11 and paid $97.24 per share. Five days later, Lütke bought 4,023 shares on August 16 at $90.55 per share. From August 11 to September 27, Lütke purchased thousands of Coinbase shares approximately six times.

Acquisition records show he has paid an average of about $369,000 per week on COIN stock since August 11. The billionaire founder and CEO of Shopify is extremely fascinated by technology and he is a core member of the Ruby on Rails project team.

A year ago, Lütke and a few other Shopify executives, with the help of Celtic House Venture Partners, invested $3 million in a global print-on-demand platform called Creative Layer. Lütke and Shopify have shown interest in bitcoin (BTC) and cryptocurrency assets for a while.

In February 2020, Shopify joined Meta’s Libra Association, and the same year the company began accepting crypto payments as a payment method. Lütke is the director of the five-member board of Coinbase Global, which includes a16z founder Marc Andreessen, Coinbase CEO Brian Armstrong, Coinbase co-founder Fred Ehrsam, and former Cisco CSO. Kelly Kramer.

The disclosures show that Ehrsam is the only other Coinbase insider to buy shares this year, with the co-founder acquiring 1.1 million shares for around $76 million. Last May, Ehrsam paid just over $68 per share on average for the 1.1 million COIN shares. Records show Lütke owns about 65,815 shares and his cheapest buy was his most recent for $62 per share.

Keywords in this story

2 months, 60 days, billionaire founder, Brian Armstrong, CEO of Shopify, COIN, COIN stocks, Coinbase, coinbase global, Coinbase Insiders, coinbase stock, Creative Layer, crypto payments, Fred Ehrsam, Kelly Kramer, Libra Association, Marc Andreessen, Ruby on Rails, Shopify, Shopify Founder, Tobias Lütke

What do you think about the CEO of Shopify buying $3 million worth of COIN stock in the past two months? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.




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